The Energy Trilemma
The trilemma refers to the currently conflicting priorities of ensuring a secure, affordable and clean supply of energy. Contributing to solving this trilemma is the main challenge of any government and corporation involved in the energy sector, whether start-up or corporation.
Security Of Supply
To thrive and grow, people require access to steady supplies of energy. Renewable and alternative sources of energy help address this imperative by providing local feedstock and reducing dependency on fossil fuel imports. Traditional renewables, however, pose a different problem of fluctuating power generation. A local source of energy, abundantly available and constantly producing clean electricity, when and as requested, can therefore provide an ultimate solution to securing energy supplies.
A secure supply of energy must also be considered within the context of affordability – for industry, households and the economy at large. Increased energy prices lead to reduced competitiveness and increased uncertainty for society’s most vulnerable. Continued innovation is therefore required to reduce the costs of clean energy and bring new promising technologies to the market.
Decarbonising the world’s energy supply is a key priority in reducing greenhouse gas emissions and avoiding the worst of climate change’s impacts. While the growth of renewable sources of energy over the last decade has been impressive the total gains made are still not sufficient to decarbonise in time and to the required levels. Radical innovation is needed to provide new solutions and speed up the deployment of novel low carbon solutions.